The European Commission has proposed a three month delay to the initial reporting deadlines under the EU mandatory disclosure rules (DAC 6).
On Friday 8 May 2020 the European Commission published a press release confirming that it proposes to defer the initial reporting deadlines under the EU mandatory disclosure rules (DAC 6) by three months in response to COVID-19. Under this proposal the beginning of the application of DAC 6 will remain 1 July 2020.
The proposal is as follows:
The proposal also includes a power for the European Commission to defer the deadline by an additional three months. However, this may only be exercised if during the existing deferral period ”the exceptional circumstances of severe risks for public health caused by the COVID-19 pandemic persist and Member States have to implement lockdown measures”.
It is important to note the following caveats:
In addition, the deferral would have no impact on which arrangements need to be reported; it would only change when the reports need to be made. As a result, we strongly recommend that you continue to prepare your business for DAC 6.
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